Today's open and Wednesday is more than likely to open below the 5-day 50% level:- 4225
A Weekly 50% level rejection and price below the 5-day 50% level isn't a good sign.
Today:- it's all about the 5-day 50% level 4225.
Note: Yesterday price broke out of the 3-day cycle (4229) and continued higher.
Whenever price breaks the 3-day cycle often price can 'stall for 2 days' and then continue higher on the 3rd day.
If price is trading around the 3-day high @ 4229, then there could be a higher Weekly close on Friday (3rd day).
However, price can also reverse the entire length of the 3-day range, and move back down and re-test the 3-day lows, which currently are 3992.
If price is trading below 4229 and the 5-day 50% level @ 4225, then a 2-day reversal could easily see price back around last week's lows by Thursday"
Premium Report
SPI Daily and 5-day pattern
Double support around the 5-day 50% level @ 4225, until a late 'Hook' & reversal below sending the market down into the close.
As per Today's report and depending on US markets on Wednesday....price could be trading around 3992 by tomorrow.
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